Bewi Invest AS — Investor Presentation 2025

Nov 12, 2025

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Third quarter 2025 results

CEO Christian Bekken, CFO Marie Danielsson, CSO Stein Inge Liasjø

Oslo, Norway, 12 November 2025

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Cautionary note regarding forward-looking statements

This presentation, prepared by BEWI ASA (the "Company"), may contain statements about future events and expectations that are forward-looking statements. Any statement in this presentation that is not a statement of historical fact including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements.

The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. This presentation contains alternative performance measures, or non-IFRS financial measures. Definitions and calculations are presented in our quarterly report.

2 Third quarter of 2025

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Highlights Q3 2025

Improving profitability in cautious construction markets

• Growth in sales and EBITDA from strong packaging business
• Food packaging and HVAC markets developing positive, while insulation markets remain cautious
• Ongoing profitability improvements
• Completed merger of RAW and Unipol
• Secured long term financing

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Integrated and circular business model

RAW

49% ownership

Production and sales of white and grey expanded polystyrene (EPS) raw materials, with virgin and/or recycled feedstock, and Biofoam, a fully bio-based particle foam.

Insulation & Construction (I&C)

Development, production and sales of insulation solutions for the building and construction industry and infrastructure projects.

Packaging & Components (P&C)

Development, production and sales of food and protective packaging, and technical components to the automotive and HVAC industries.

42%

of net sales1)

62%

of total adj. EBITDA2)

Circular

Collection and recycling of used EPS, solutions for waste management, trading of used materials, and sales of recycled materials.

7%

of net sales1)

-3%

of total adj. EBITDA2)

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I&C: Business update Q3 2025

Positive volume development in markets remaining cautious

Net sales -1%

Volumes +3%

41% of adj. EBITDA

Adj. EBITDA -6%

• Positive volume development for most regions
• Strengthened offering of products with recycled products, enabled by Circular
• Volume growth offset by lower sales prices
• EBITDA impacted by increased cost
• Ongoing profitability improvements

Selected solutions

6 Compared to Q3 2024

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I&C: Market drivers

Net sales -1%

Volumes +3%

41% of adj. EBITDA

Adj. EBITDA -6%

An expected rebound in the building and construction market…

… in combination with structural increase in demand, expected to trigger higher growth rates for insulation relative to construction in general

Building permits development

Building permits, total in '0001)

Nordics, Benelux, Germany

The EU Green Deal

• Europe to become climate-neutral by 2050
• New and existing buildings to be more energy efficient

EU's Renovation Wave Strategy

• Double renovation rates in the next 10 years
• Ensuring energy and resource efficiency

Insulation a key enabler to improve energy efficiency and reduce GHG emissions for the building sector

Sources: 1) EUROCONSTRUCT, June 2025 7 Compared to Q3 2024

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Net sales +13%

62% of adj. EBITDA

Adj. EBITDA +18%

P&C: Business update Q3 2025

Strong sales and EBITDA development

• Solid quarter across end-markets
• High volumes of fish boxes from strong harvest volumes of Norwegian salmon
• Sales from HVAC up ~30% and automotive ~25%
• Strong EBITDA development
• Strategic review of automotive ongoing

Selected solutions

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P&C: Market drivers

Net sales +13%

62% of adj. EBITDA

Adj. EBITDA +18%

Food

• EPS fish boxes for transport of salmon and other seafood majority of revenues
• Driven primarily by harvest volumes of Atlantic salmon farming
• Other products include fibre-based food packaging products

Automotive

• EPP components to vehicles
• Driven by structural growth of increased use of EPP components in vehicles, with higher use of EPP in premium cars and EVs

Heat pumps

• Components to heating, ventilation and aircondition (HVAC) systems such as heat pumps

• Driven by newbuilds and renovations, energy prices, regulations for energy efficiency, and innovation

• Other technical components and protective packaging of fibre and EPS

• Driven by general BNP growth, and trends within selected industries such as pharma and defense

Compared to Q3 2024

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Circular: Business update Q3 2025

Positive development in challenging markets

Net sales +22%

• EPS for recycling increased to ~9 300t for Q3 and ~39 200 LTM
• Sales of rGPPS up 13%
• Current low prices for virgin raw material challenge the margins
• Initiatives for profitability improvements yielding results
• Market drivers: activity in building & construction markets, regulations and increased circular awareness

Development collection and recycling capacity

Adj. EBITDA +0.9m

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Financial overview Q3 2025

Sales and EBITDA improvement driven by the packaging business

12 Third quarter of 2025

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Financials

Consolidated income statement

Amounts in EUR million	Q3 2025	Q3 2024	9M 2025	9M 2024	2024
Net Sales	202.9	191.5	599.1	582.5	773.2
Other operating income	1.0	-	1.0	-	2.0
Total operating income	203.9	191.5	600.1	582.5	775.2
Raw materials and consumables	-70.4	-74.5	-217.6	-229.3	-300.5
Goods for resale	-14.6	-11.6	-33.9	-34.8	-47.6
Other external costs	-47.3	-41.9	-146.9	-132.9	-179.0
Personnel cost	-48.1	-43.6	-142.9	-133.9	-178.6
Depreciation/ amortisation/ impairment	-16.9	-16.2	-50.8	-46.9	-63.4
Share of income from associated comp.	-1.3	-0.6	-1.8	-1.0	-2.4
Capital gain/loss from sale of assets and other adjustments	0.0	0.2	0.0	3.9	4.7
Operating income (EBIT)	5.3	3.3	6.2	7.7	8.5
Net financial items	-15.8	-11.8	-38.1	-32.5	-45.3
Income tax expense	0.5	-0.6	2.2	-0.6	1.5
Profit/ loss for the period continued operations	-10.1	-9.2	-29.8	-25.4	-35.3
Profit/ loss from discontinued operations	66.5	0.4	61.0	9.6	8.3
Profit/ loss for the period total operations	56.5	-8.8	31.2	-15.7	-27.0

Third quarter of 2025

• Net sales of EUR 202.9 million, up 6.0%
• EBIT of EUR 5.3 million (3.3)
  • o Raw materials incl. goods for resale ~42% of sales
  • o Personnel costs increasing
  • o Share of income from associated companies including RAW, EUR -1.0 million
• Net financial items of EUR -15.8 million (-11.8)
  • o EUR -5.6 million related to the refinancing
• Income tax of a positive EUR 0.5 million (-0.6)
• Net result of EUR -10.1 (-9.2)

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Cash flow from operating activities

Cash flowfrom total operating activities

CAPEX total operations

EUR million

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Financial position

Long term financing secured and leverage decreasing

• Long term financing secured
  • Bond loan EUR 250 million and RCF EUR 75 million
• Financing of accounts receivables EUR 75 million
• Net debt excl. IFRS 16 at EUR 194 million
• Cash position at EUR 72 million
  • o EUR 75 million unutilised RCF

EUR million	30.9.25	31.12.24	30.9.24
Cash and cash equivalents	72.3	72.7	79.2
Non-current liabilities excl. IFRS 16	257.1	328.8	352.8
Current liabilities excl. IFRS 16	9.0	8.0	11.6
Net debt excl. IFRS 16and other financial assets	193.8	264.0	285.2
Other financial assets	28.7	-	-
Debt related to IFRS 16	247.1	247.0	239.7
Net debt in total	412.2	511.0	524.9

(1) EBITDA ratio: adjusted EBITDA rolling 12-months pro-forma acquired or divested entities

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Delivering on strategic priorities

Sharpened focus to higher margin business and improving profitability

Simplified structure

• Reduced ownership in RAW and divested traded packaging
• Strategic review Automotive
• Core offering energy efficient solutions for buildings and circular packaging

Profitability improvements

• Ongoing measures to improve profitability
• Expect market recovery for building and construction industry
• No ongoing acquisition processes

Secured long-term financing

• EUR 75 million new equity
• Refinanced bond loan and renewed RCF
• Continued focus on reducing leverage

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Conclusions

• ✓Improving profitability at current volumes
• ✓Stable and strong packaging business
• ✓Secured long-term financing
• ✓Strong long-term market fundamentals

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